Murphy’s state bank would help working families, boost local economy

Murphy’s state bank would help working families, boost local economy

New Jersey has an investment problem.

The Garden State’s numerous credit downgrades, budget shortfalls, crumbling infrastructure, chronic underfunding of critical programs and priorities are well known. The source of these issues isn’t a lack of capital or wealth. New Jersey is among the nation’s wealthiest states with a growing millionaire population.

Many argue that Jersey’s credit woes stem from former Gov. Chris Christie’s continuation of ill-advised tax cuts that weakened state coffers, along with an underfunded pension system dating back to the Gov. Christie Whitman years. This irresponsible fiscal policy reinforced backwards, yet persistent notions that hedge funds and enormous corporations should be appeased before tax dollars are invested in small businesses, public services, and working families. New Jersey deposits taxpayer funds directly into Wall Street and foreign banks, coupling tax giveaways with misdirected investments and high fees.

Read the full opinion-editorial on NJ.com from the Star-Ledger by Dan Fatton, WEC executive director and Analilia Mejia, executive director of NJ Working Families Alliance.